Susan Patricia Griffith Sells 9,066 Shares of The Progressive Co. (NYSE:PGR) Stock

The Progressive Co. (NYSE:PGR - Get Free Report) CEO Susan Patricia Griffith sold 9,066 shares of the business's stock in a transaction dated Friday, January 3rd. The stock was sold at an average price of $242.10, for a total value of $2,194,878.60. Following the completion of the sale, the chief executive officer now owns 473,736 shares in the company, valued at $114,691,485.60. This represents a 1.88 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website.

Progressive Trading Down 1.1 %

NYSE:PGR traded down $2.67 during midday trading on Monday, hitting $239.55. The stock had a trading volume of 2,129,557 shares, compared to its average volume of 2,232,048. The Progressive Co. has a one year low of $162.35 and a one year high of $270.62. The company has a market capitalization of $140.33 billion, a price-to-earnings ratio of 17.41, a PEG ratio of 0.70 and a beta of 0.41. The stock has a 50-day moving average of $251.55 and a 200 day moving average of $240.50. The company has a quick ratio of 0.30, a current ratio of 0.30 and a debt-to-equity ratio of 0.25.

Progressive (NYSE:PGR - Get Free Report) last announced its quarterly earnings data on Tuesday, October 15th. The insurance provider reported $3.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.40 by $0.18. Progressive had a return on equity of 33.10% and a net margin of 11.27%. The company had revenue of $19.43 billion for the quarter, compared to analysts' expectations of $18.95 billion. As a group, sell-side analysts forecast that The Progressive Co. will post 13.2 EPS for the current year.

Progressive Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, January 16th. Stockholders of record on Thursday, January 9th will be issued a dividend of $0.10 per share. The ex-dividend date of this dividend is Friday, January 10th. This represents a $0.40 annualized dividend and a dividend yield of 0.17%. Progressive's dividend payout ratio is presently 2.91%.

Analyst Ratings Changes

PGR has been the topic of a number of recent research reports. Keefe, Bruyette & Woods upped their price objective on Progressive from $280.00 to $290.00 and gave the company an "outperform" rating in a research report on Wednesday, October 16th. The Goldman Sachs Group upped their price objective on Progressive from $262.00 to $280.00 and gave the company a "buy" rating in a research report on Wednesday, September 18th. Jefferies Financial Group upped their price objective on Progressive from $257.00 to $295.00 and gave the company a "buy" rating in a research report on Wednesday, October 9th. Wells Fargo & Company upped their price objective on Progressive from $299.00 to $302.00 and gave the company an "overweight" rating in a research report on Monday, December 16th. Finally, Roth Mkm upped their price objective on Progressive from $270.00 to $290.00 and gave the company a "buy" rating in a research report on Monday, September 16th. Six equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company's stock. Based on data from MarketBeat, Progressive presently has an average rating of "Moderate Buy" and an average target price of $275.00.

Hedge Funds Weigh In On Progressive

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PGR. Davis Capital Management purchased a new position in shares of Progressive during the 3rd quarter valued at about $25,000. DiNuzzo Private Wealth Inc. boosted its holdings in shares of Progressive by 114.1% during the 3rd quarter. DiNuzzo Private Wealth Inc. now owns 137 shares of the insurance provider's stock worth $35,000 after purchasing an additional 73 shares during the last quarter. Kimelman & Baird LLC acquired a new position in shares of Progressive during the 2nd quarter worth approximately $36,000. Sachetta LLC boosted its holdings in shares of Progressive by 34.0% during the 2nd quarter. Sachetta LLC now owns 209 shares of the insurance provider's stock worth $45,000 after purchasing an additional 53 shares during the last quarter. Finally, Friedenthal Financial purchased a new stake in shares of Progressive during the 3rd quarter valued at approximately $49,000. Hedge funds and other institutional investors own 85.34% of the company's stock.

Progressive Company Profile

The Progressive Corporation, an insurance holding company, provides personal and commercial auto, personal residential and commercial property, business related general liability, and other specialty property-casualty insurance products and related services in the United States. It operates in three segments: Personal Lines, Commercial Lines, and Property.